Lynn Ruane (Independent) | Oireachtas source

I thank the Minister of State for being in the Chamber. We need to talk about the National Asset Management Agency, NAMA, and, more specifically, what the agency is doing to fulfil its mandate to contribute to the economic and social development of Ireland. While the agency may be fulfilling its economic mandate, it has dropped the ball regarding its contribution to the social development of the State. We often hear about NAMA's duty to achieve the best financial return on the lands and properties it controls. In doing so, the agency cannot but neglect its social mandate. The Department of Finance has provided some clarification in recent weeks in the Dáil Chamber. I welcome the data provided that detailed the agency's housing delivery pipeline and the extent and spread of land for development that it controls.

According to its annual statement for 2022, NAMA fulfils its social objective mainly through the provision of social housing in existing housing stock controlled by the agency. The 2022 report further advises that up to July 2021, NAMA had identified more than 7,000 units as suitable for social housing, but almost 5,000 of these subsequently were not required at the time, deemed unsuitable or became unavailable. While NAMA has provided 629 more units for social housing than its initial target of 2,000, the agency could, and should, be much more ambitious. As NAMA has achieved the delivery of 2,000 units for social housing, it is now time to revisit its targets for social housing delivery and develop a more ambitious strategy for the remaining life cycle of the agency, taking into account the agency's position as a debt-free State-owned entity with €1.2 billion in cash reserves and vast parcels of land in its control.In the context of the worst housing crisis that this country has ever seen, I struggle to accept the arguments against doing so. As I mentioned, more than 5,000 NAMA-controlled units were ear-marked for social housing, but later deemed unsuitable, unavailable or unrequired. Given the significant impact that these units could have had on housing lists around the country, I am of the view that we require a more detailed breakdown of the specific criteria by which these homes were deemed unsuitable, unavailable or unrequired. If it is the case that local authorities or housing associations are not purchasing housing stock that has been offered to them through NAMA, we need to know and hear why.

The National Asset Management Agency Act 2009 states that: "In the exercise of its functions NAMA shall have regard to the need to avoid undue concentrations or distortions in the market for development land." At the same time, NAMA is engaging in practice which can be viewed as distorting the property and development markets. It does so by sitting on vacant housing units and swathes of vacant land, and selling land and developments en blocto multinational property funds, often at prices that are inaccessible to domestic finance. At the Committee of Public Accounts in September, the chairman of NAMA advised that only 8.4% of the development potential of sites sold by the agency had been realised as of March 2021. While I understand that NAMA has certain obligations under the EU state aid rules, the European Commission has advised of the potential for Government intervention to preserve a well-functioning and equitable economy. In dialogue with my colleagues in the Dáil, I note that the Minister has advised that it is not the Government's intention to amend the legislation which provides for NAMA at this late stage in its lifecycle. However, the NAMA Act contains a provision enabling the Minister of Finance to confer "additional functions connected with the functions for the time being of NAMA as he or she thinks necessary for the achievement of its purposes..." Has any consideration been given, or can any consideration be given, to conferring additional functions on NAMA to support it in achieving its purpose, namely, to contribute to the social development of the State, in addition to its economic mandate?